Comerica (NYSE:CMA) Price Target Raised to $72.00

Comerica (NYSE:CMA) had its target price raised by Piper Sandler from $64.00 to $72.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a neutral rating on the financial services provider’s stock.

Several other brokerages have also commented on CMA. Wedbush raised shares of Comerica from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $52.00 to $75.00 in a report on Tuesday, September 24th. JPMorgan Chase & Co. boosted their target price on shares of Comerica from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Monday, October 21st. Barclays raised their price target on shares of Comerica from $56.00 to $66.00 and gave the company an “underweight” rating in a research note on Monday, October 21st. Truist Financial increased their target price on Comerica from $66.00 to $70.00 and gave the company a “hold” rating in a report on Monday, October 21st. Finally, Wells Fargo & Company upgraded Comerica from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $51.00 to $73.00 in a research report on Friday, November 15th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $66.67.

Comerica Trading Down 1.3 %

Shares of Comerica stock opened at $69.92 on Tuesday. The firm has a 50-day simple moving average of $65.04 and a two-hundred day simple moving average of $57.23. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.97 and a current ratio of 0.97. Comerica has a fifty-two week low of $45.32 and a fifty-two week high of $73.45. The company has a market cap of $9.20 billion, a P/E ratio of 17.48 and a beta of 1.23.

Comerica (NYSE:CMA) last released its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.16. Comerica had a return on equity of 12.54% and a net margin of 11.17%. The company had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $806.49 million. During the same quarter in the prior year, the firm posted $1.84 EPS. As a group, equities analysts predict that Comerica will post 5.37 earnings per share for the current fiscal year.

Comerica announced that its board has initiated a share repurchase plan on Tuesday, November 5th that authorizes the company to repurchase 10,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Comerica Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 4.06%. The ex-dividend date is Friday, December 13th. Comerica’s dividend payout ratio (DPR) is presently 71.00%.

Insider Transactions at Comerica

In related news, EVP James Harry Weber sold 6,500 shares of the stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $63.23, for a total transaction of $410,995.00. Following the transaction, the executive vice president now owns 15,773 shares of the company’s stock, valued at approximately $997,326.79. This represents a 29.18 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Bruce Mitchell sold 7,564 shares of the stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total transaction of $470,480.80. Following the sale, the executive vice president now directly owns 16,428 shares in the company, valued at $1,021,821.60. This represents a 31.53 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 15,456 shares of company stock worth $977,287. 0.19% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Comerica

Several hedge funds and other institutional investors have recently made changes to their positions in CMA. V Square Quantitative Management LLC purchased a new stake in shares of Comerica during the 3rd quarter worth $36,000. Wilmington Savings Fund Society FSB purchased a new position in Comerica in the third quarter valued at approximately $42,000. Family Firm Inc. acquired a new stake in Comerica during the second quarter worth approximately $37,000. UMB Bank n.a. lifted its position in shares of Comerica by 39.3% during the 2nd quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock worth $38,000 after buying an additional 208 shares during the last quarter. Finally, Rothschild Investment LLC acquired a new position in shares of Comerica in the 2nd quarter valued at $56,000. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Comerica Company Profile

Comerica Incorporated, through its subsidiaries, provides various financial products and services. The company operates through Commercial Bank, Retail Bank, Wealth Management, and Finance segments. The Commercial Bank segment offers various products and services, including commercial loans and lines of credit, deposits, cash management, payment solutions, card services, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services for small and middle market businesses, multinational corporations, and governmental entities.